In any construction project, reliable data paves the path to profitability. In this post, USI President Greg Kirshe explains how leaders can learn to harness the power of information.
Construction is a complex process. Managing each project well requires access to large amounts of information. Smart leaders know exactly what kinds of data they need so they can see what is working and what is not. They know how to capture that data and analyze it, in pieces and as an integrated whole. They share that data with the appropriate decision-makers across the business. Armed with that knowledge, those decision-makers can take action to fix problems and get each project back on the path to optimal profitability.
Even as many contractors embrace the power of data, others remain stuck in the past. For example, these firms use manual, paper-based activities to track project governance and risk controls. This approach does not provide analysis and reporting in real time. Each project may only be reviewed retrospectively, or after-the-fact.
A recent study in the international Journal of Engineering Research & Technology found that the three greatest barriers to profitability in construction are financial difficulties, insufficient labor productivity, and improper planning. All three of these issues can be effectively addressed when firms implement and leverage analytics technology. Firms that invest in this technology can stay on top of each project in real time, enabling leaders to react, course-correct, and achieve utmost profitability.
Here are a few of the benefits you can reap when you learn to create, store and integrate data:
Want to learn more about how to gain more insight into your operations and deliver your best financial results? An investment in the right technology is the first step. Sage Intacct Construction software is a flexible financial management solution that adapts to your workflows and reporting requirements. It gives you real-time visibility with built-in and adaptable dashboards, reports, graphs, and charts. Multidimensional reporting and dashboards provide faster and deeper insights into accounts, helping your teams work faster and smarter.
Your United Solutions team would be glad to partner with you. Give us a call at 888-874-4874.
